For those who are unaware, Prop C was a measure that recently passed that taxes San Francisco-based businesses earning more than $50 million/year (predominantly large tech companies). Placing a tax on a corporation is problematic for obvious reasons given that it isn’t money coming out of the pockets of the wealthy but rather of all members of the company poor and rich alike. However, given the severity of the homelessness problem in San Francisco, something clearly needs to be done.
Would a higher income tax on the wealthy be a better solution? It is unlikely that such a measure would pass given how already high California income taxes on the rich already are. Assuming that this is a problem in need of being solved, the incredibly wealthy tech companies profits seem like an obvious place to look for funds despite how stifling this may be towards business development.
In the streets of San Francisco, the ubiquity of homelessness sticks out in stark contrast to the Apple Watch and AirPod clad technocrats walking in and out of the towering modern buildings that makeup the city’s skyline. Neither acknowledges the presence of the other. In a supposedly liberal-minded, progressive, urban area, such a reality seems like a contradiction. While Prop C is far from perfect, I believe that its attempt to combat this unsettling reality is definitely a step in the right direction for the city.